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Historic decisions for Greece and the Eurozone

Following a marathon negotiating session of European Council on the 26th of October in Brussels, Heads of State and Government of the Eurozone member states agreed on a comprehensive set of measures which reflect their unwavering determinationto overcome together the current difficulties and to take all the necessary steps towards a deeper economic union commensurate with their monetary union.
In particular on Greece, there was an agreement that should secure the decline of the Greek debt to GDP ratio with an objective of reaching 120% by 2020. It also includes a voluntary contribution by private creditors, amounting to a nominal discount of 50% on notional Greek debt. Additionally, a new EU-IMF multiannual programme financing up to € 100 billion will be put in place by the end of the year, accompanied by a strengthening of the mechanisms for the monitoring of reforms implementation.
“The debt is absolutely sustainable now,” Papandreou told a press conference, earlier today, after the meeting of euro zone leaders.
“Greece can now settle its accounts with the past, once and for all. […] We can claim that a new day has come for Greece, and not only for Greece but also for Europe,” the premier added.
Primeminister.gr: Papandreou press conference after the euro summit (in Greek); European Council President: Remarks by Herman Van Rompuy following the meeting of the Euro Summit & Statement by President Barroso
(GREEK NEWS AGENDA)

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Deficit down by 46%

According to the preliminary data available for the state budget implementation for the first six months of 2010, on a fiscal basis the deficit presented a 46% year-on-year decline against a targeted 39.5% in the government’s economic policy programme.
The fiscal result of the first six months of 2010 is due to both restriction of expenditures and revenue increases. Nevertheless, these do not yet fully reflect all fiscal measures included in the government’s programme for 2010.
Furthermore, ordinary budget expenditures declined by 12.8% year-on-year against a targeted 5.5% reduction and primary expenditures decreased by 12.7% against a targeted 5.4% annual decrease.
Hellenic Stability & Growth Newsletter: June 2010
(GREEK NEWS AGENDA)